Despite the hurdles from valuation, sentiment and even
technicals, one of the problems for the bears is that
everyone seems to acknowledge that we are due for a correction.
Even the bulls are anticipating one — hoping for one, in
fact, in the name of a pause that refreshes (keep that powder
dry). But it may well be this near universal perception
of a correction that means we may not see one... at least one of
a 10% variety which we have not seen now for 530 trading
days. But the reality is that such a string isn't
altogether that rare — we didn't even have one 10% setback in
that entire 2003-2007 bull run to the highs at the time. And from
October 1990 to October 1997 (1,767 sessions), there was not one
10% correction. Now historically, they do tend to occur every 30
months in the context of a bull market, but while we may be long
overdue for one, the main theme here is that it is not
unprecedented go this long without one.

Often in the markets, if everyone expects one thing, the opposite
is more likely to happen.

"The S&P 500 is now just about 9% above its 200-day moving
average," Rosenberg writes. "In other words, it could correct all
the way to 1,630 and the long-term trend-lines wouldn't be
violated."